Citigroup's June review of more than 700 non-financial companies showed capital spending is likely to increase by 5.3 per cent this year, up from the 4.2 per cent pickup projected in February. Only the energy sector is expected to lower spending this year.

Overall, this year would mark the eighth straight year of growth in capital spending.

"Despite fears of a reduction in capital spending given Fed policy uncertainty, concerns about global economic growth and even recent Brexit driven worry, data collected from companies suggests a better environment," Tobias Levkovich, Citi's US equity strategist, wrote in a note to clients.